Log in
- > Bitcoin ETFs Tread New Ground, Smashing Previous Records
- > Trump tariff rollercoaster takes another (un)expected twist
- > SEC drops case against Binance, clarifies crypto ‘securities’ regulation
- > AUSTRAC puts blowtorch on crypto ATMs Down Under
Bitcoin ETFs Tread New Ground, Smashing Previous Records
Bitcoin was given an armchair ride to a new all-time high in the last fortnight by the record-breaking performance of spot ETFs.
The financial product was introduced to the world in January last year, eventually sending BTC (at the time) to impressive heights of $70k USD.
But the appetite for a spot BTC ETF has grown from there, with several metrics placing the exchange-traded fund as one of the most successful financial products in recent memory.
IBIT, BlackRock’s spot BTC ETF, was – as we’ve come to expect – a major winner of the May influx. The company now holds over $72 billion USD worth of BTC on behalf of ETF investors, and recorded a ridiculous 34-day streak of inflows (although a few net-zero days were included here).
Put it all together, and IBIT raked in a record-breaking $6.22 billion USD, by far its most prolific month of inflows since inception.
Institutional involvement has sent Bitcoin to new heights – but there are some concerns around the concentration of Bitcoin held by goliaths like BlackRock. About 90% of all ETF flows come and go via IBIT, giving legs to the idea that corporations and governments may end up having a significant influence on Bitcoin’s supply.
On the flipside, BlackRock’s overwhelming success has also granted legitimacy to Bitcoin as an asset in the eyes of traditional finance, and may be a rung on the step-ladder toward global adoption.
Trump tariff rollercoaster takes another (un)expected twist
The universe’s scriptwriters are off to a hot start in 2025. Twists, turns, plot developments, betrayal – this year has begun like a modern-day, real-life Macbeth.
With the global economic environment largely at the behest of United States President Donald Trump, ‘Liberation Day’ tariffs have been on the tip of the financial industry’s tongue for the best part of 6 months now.
But, on May 28th, the Trump tariff narrative took a wild swing, when the United States Court of International Trade blocked the taxes from being implemented, effective immediately.
The legal battle, brought forth by a group of Democratic states and businesses, proposed that Trump overstepped his authority when announcing a state of emergency to enact the far-reaching economic policies.
The presiding judges agreed with the assertion, moving that Trump’s tariffs were illegal.
And so, there it was. All of a sudden, the Trump tariff saga appeared over.
But of course, like any good 21st-century classic, the story was far from done.
Barely 24 hours later, Trump’s tariffs were back in full flight. The re-application of the tariffs, adjudicated by the US Court of Appeals, didn’t have a particular reasoning.
Rather, the Appeals Court temporarily halted the Trade Court’s tariff block, giving involved parties a fortnight to develop a response.
So, we can expect another month or two of back and forth between courts before the outcome of the Trade Court’s Trump tariffs ruling becomes clear.
One thing’s for sure – the crypto market has been through an absolute rollercoaster of emotions since the US President was elected in November 2024, and that ride is showing no signs of slowing down.
SEC drops case against Binance, clarifies crypto ‘securities’ regulation
Regulation in the United States under the new-look Securities and Exchange Commission is continuing to take shape, following the dismissal of a long-running case against the world’s biggest crypto exchange.
Binance had come under scrutiny in 2023 for a variety of allegations, including violating anti-money laundering (AML) policies, offering unregistered securities for sale and wash trading.
Former CEO Changpeng Zhao (CZ) and Binance accepted the criminal charges for breaching AML laws, which saw the crypto billionaire spend four months in jail.
However, the remaining charges pursued by the SEC were officially dropped ‘with prejudice’ last week, in what a Binance spokesperson called a ‘landmark’ victory.
‘Huge win for crypto today. The SEC’s case against us is dismissed. Thank you to Chairman Atkins & the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track – and it’s just the beginning.’
– Binance spokesperson
The move is just one of many amendments made by the SEC this year in repairing relations with the crypto industry. The new administration’s financial regulator has dropped several court cases in the past few months, including against Coinbase, Ripple, OpenSea and more.
However, the regulation by enforcement-led approach from the previous SEC, chaired by Gary Gensler, has left some fractures between the crypto community and the Government that will take some time to heal – as evidenced by Changpeng Zhao’s response to the Binance ruling.
Meanwhile, speaking at the Bitcoin 2025 Conference in Las Vegas, SEC Commission Hester Peirce clarified the regulator’s stance on securities and crypto.
‘Most crypto assets as we see them today are probably not themselves securities. That doesn’t mean that you can’t sell a token that is not itself a security in a transaction that is a securities transaction…that is where we really need to provide some guidance.’
– Hester Peirce, SEC Commissioner
AUSTRAC puts blowtorch on crypto ATMs Down Under
Australia is positioning itself as the global hub for crypto ATMs (CATMs), boasting nearly 2,000 machines, up from just 23 in 2019.
However, with the meteoric rise of CATMs has come an unfortunate side effect – a rise in CATM-related scams.
According to the Australian Cyber Security Centre, 150 Aussies combined to lose approximately AUD $3 million to crypto ATMs in 2024. The data also shows that older citizens are significantly more likely to be targeted, with over half of the victims 51+ years old.
The CATMs aren’t themselves, solely responsible for the scams. Typically, they are an extension of an investment scam where international fraudsters trick susceptible Aussies into putting their money into an asset that’s ‘too good to be true’. Other scams involve pretending to be a family member in distress who needs crypto transferred to them to bypass certain restrictions.
The scammer then directs the victim to complete the transaction via the crypto ATM.
However, lax enforcement of regulation by CATMs reportedly contributed to the success of certain scams, with one operator even being stripped of its licence due to ‘ongoing risks that its CATMs could be exploited’.
In response to the findings, Australia’s financial watchdog AUSTRAC has introduced several new rules for CATMs to combat scams.
‘As part of AUSTRAC’s work to protect the financial system from criminal abuse, we’ve placed a number of conditions on crypto ATM operators, including a $5,000 limit on cash deposits and withdrawals, enhanced customer due diligence obligations, mandatory scam warnings, and requirements for more robust transaction monitoring.‘
– Brendan Thomas, AUSTRAC CEO
Ben Knight
